Nuclear Operations / Water | HIGH | Weight: 10%
Thesis: Near-monopoly on BWR condensate water treatment in Japan — IFD technology adopted in ALL BWR condensate demineralizer vessels. Every reactor restart = Organo revenue. Best quality: ROE 23.5%, op margin 21.4%. Also serves semiconductor fabs (TSMC Kumamoto confirmed customer).
Risk: PE 26x and +202% 52-week run have priced in significant restart upside. P/B 5.7 is expensive.
Monitor: If P/B expands >7x without earnings support, trim. Watch each reactor restart announcement — direct revenue event.
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Water Treatment Engineering | ¥105B | 60% | Nuclear, power plant, semiconductor ultrapure water systems |
| Performance Products | ¥70B | 40% | Ion exchange resins, chemicals, maintenance services |
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| CONFIRMED | All Japanese BWR operators | IFD condensate demineralizers (monopoly) | IFD technology in ALL BWR condensate vessels in Japan since 1970 |
| CONFIRMED | TSMC Kumamoto (JASM) | Ultrapure water systems | Semiconductor fab customer |
| PROBABLE | PWR operators (KEPCO, etc.) | Makeup water, waste treatment | Organo serves both BWR and PWR per product pages |
| Company | Ticker | PE | Fwd PE | ROE | OpM | FCF |
|---|---|---|---|---|---|---|
| IHI Corporation | 7013.T | 28.94 | 28.02 | 23.6% | 9.1% | +¥68B |
| Hitachi | 6501.T | 26.64 | 25.37 | N/A | 11.1% | +¥1,390B |
| Japan Steel Works | 5631.T | 35.28 | 34.31 | 10.5% | 8.4% | -¥19.7B |
| Yokogawa Electric | 6841.T | 24.82 | 20.73 | 12.2% | 14.6% | +¥88B |
| Fuji Electric | 6504.T | 19.62 | 17.13 | 11.8% | 10.3% | +¥51B |
| Kanadevia | 7004.T | 19.62 | 14.09 | 5.8% | 2.0% | -¥12.8B |
| Organo Corporation | 6368.T | 26.42 | 24.47 | 23.5% | 21.4% | +¥19B |
| Kurita Water Industries | 6370.T | 38.22 | 21.67 | 6.8% | 13.7% | +¥25B |
| Sumitomo Heavy Industries | 6302.T | 20.46 | 18.63 | 4.7% | 4.8% | +¥11B |
Generated by JPstock-agent | 2026-04-12 | Full Comparison | Supply Chain Map